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Bitcredit
Bitcredit Bitcredit an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcredit uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcredit was launched on December 17, 2014 as BitCredits. It is a variation of Bitcoin that utilizes memory hard algorithm Momentum that was first used by ProtoShares. As a pure Proof of Work (PoW) crypto currency it issues Bitcredits to miners who solve blocks as a reward for helping to secure the blockchain. Specifications Bitcoin 0.10.0 Based Momentum Proof of Work 1 Minute Blocks 50 BCR rewards 210 000 block reward halving Variable transaction fee 210 million credits Development Like most Projects of the BitBank Initiative Bitcredit is managed and maintained by the lead developer. Many consulting specialists have been known to occasionally assist with bug fixing or the rolling out of new functions, but the public face remains Minato. Premine In block 6 there is a provision 10 Million premine, 6 million of which was meant to be used in a ICO and the remaining 4 million for operations during the start up phase of the project and use at the lead developers discretion. Later on during discussion of the coins and future plans, the developer elected to store away the coins in escrow until the project reached a point where those coins had a place in the ecosystem. Future Development At the time of writting the developer is preparing to roll out a variation of the Master Node implementation from Darkcoin, intent on using this as the platform on which to build a blockchain based economy that will function using Bank Nodes as financial enablers for the entire chain. Bank/MasterNode Bitcredit employs use of Bank nodes. Bank nodes represent points of monetary fluidity in the ecosystem. Masternodes perform multiple functions namely :- * Acting as part of network back bone * Participation and facilitating in a coin mixing scheme that raises anonymity * P2pool capable node (most are encouraged to run one) A Bank Node is a Master Node that performs additional business related activity, examples are * Providing Loans to trusted users * Provide Insurance * Escrow * Banking Services * Hedging/leveraging Bitcredit Masternodes will become active on 31 March 2015, Bank node tertiary software will be made available to Masternode owners in mid April. Setting up a Masternode requires a hefty 250 000 BCR, and running a bank node has a recommended initial fund of 50 000 BCR. The Masternode collateral of 250 000 serves a dual purpose, it allows a ixing service to run on the node and also works to disuade non-committed investors. This will hopefully lower the likelyhood of fly-by-night Bank nodes being established. Arguments have been raised about the steep cost of setting up a bank node, citing entry level participants. But the lead developer has re-iterated that running a node is only for those committed to either mining the required amount or else purchasing it from market. More to come